24 September,2019 11:52 AM IST | Mumbai | ANI
A file picture of a security woman guards at the RBI headquarters in Mumbai. Pic/PTI
The Reserve Bank of India (RBI) has restricted activities of Punjab and Maharashtra Cooperative Bank (PMC Bank) for six months and asked it to not grant or renew any loans and advances, make any investment or incur any liability, including borrowal of funds and acceptance of fresh deposits. "According to the directions, depositors will be allowed to withdraw a sum not exceeding Rs 1,000 of the total balance in every savings bank account or current account or any other deposit account by whatever name called, subject to conditions stipulated in the RBI directions," the central bank said in a statement on Tuesday.
The issuance of RBI directions should not be construed as a cancellation of PMC Bank's licence. The bank will continue to undertake banking business with restrictions till further notice, said the RBI. The directions are imposed in exercise of powers vested with the RBI under sub-section (1) of Section 35A of the Banking Regulation Act 1949 read with section 56 of the act.
PMC Bank is a multi-state scheduled urban cooperative bank with operations in Maharashtra, New Delhi, Karnataka, Goa, Gujarat, Andhra Pradesh and Madhya Pradesh. With a network of 137 branches, it ranks among the top 10 cooperative banks in the country.
Catch up on all the latest Mumbai news, crime news, current affairs, and also a complete guide on Mumbai from food to things to do and events across the city here. Also download the new mid-day Android and iOS apps to get latest updates
ALSO READ
RBI announces key policy changes for digital lending, payment systems
RBI keeps repo rate unchanged at 6.5 percent for ninth consecutive time
RBI Guv casts vote in Mumbai, urges all electors to exercise democratic right
RBI holds repo rate at 6.5 per cent for 7th consecutive time
Mumbai: ‘Goregaon couple’s trades were illegal,' EOW says in chargesheet
This story has been sourced from a third party syndicated feed, agencies. Mid-day accepts no responsibility or liability for its dependability, trustworthiness, reliability and data of the text. Mid-day management/mid-day.com reserves the sole right to alter, delete or remove (without notice) the content in its absolute discretion for any reason whatsoever